New York & Co. Acquires Jasmine Stores

BOSTON-Specialty retailer New York & Co. has acquired locally based Jasmine Co. Inc., a woman's clothing chain that first opened 35 years ago in Cambridge's Harvard Square. The move gives the buyer entrance into the upscale clothing market.

The privately held retailer of upscale women's apparel, footwear and accessories, was sold to the New York City-based chain for an undisclosed price. Operating under the JasmineSola and Luisa Luisa brand names, the stores carry brands such as Juicy Couture, Betsey Johnson, BCBG and Le Tigre, and are geared to 15- to 35-year-old shoppers. The 14 boutiques are located in Connecticut, Rhode Island and Massachusetts, including stores on Newbury Street, in the Prudential Center and at the Chestnut Hill Mall.

"JasmineSola represents a great strategic fit for our company by enabling us, in a compelling environment, to appeal to a more fashion forward and affluent customer than our core business," says Richard P. Crystal, New York & Co. chairman and CEO, in a statement. He adds that the acquisition provides the company with a "concept that is proven, scalable and highly productive."

Jasmine's president and founder Luciano Manganella will remain with the firm along with the company's executive vice president Stacey Manganella. New York & Co. sells moderately priced clothing in 490 stores in the US.